Q)

ShoesMart Inc had purchased a machine for Rs. 3,65,000. The other associated charges were Freight
charges of Rs. 20,000 and Installation charges of Rs. 15,000. The machine's useful life is 5 years. Then
calculate the rate of depreciation at second year under the straight line method, if the residual value
of the machine is Rs. 3,00,000.

Answer: _____________%

Q)

Rahul and Pooja were batchmates at IITD college. They started a business together on 1st June 2025
by bringing in their personal cash of Rs 3,00,000 and Rs 2,00,000 respectively.

On 4th of June, they bought office furniture of Rs 20,000 using cash (Bill No 2025/F/10)

On 5th of June, they opened a current account with SBI bank by depositing Rs 50,000

On 8th Of June, they paid Rs 10,000 towards office rent for the month by cheque to M/s MyOffice
Realtors (Voucher No 4)

Complete the following journal entries based on the above transactions.

Voucher Ledger Debit Credit

Date Particulars
Number Folio Amount (Rs) Amount (Rs)
1 5,00,000
2 3,00,000
01-Jun-
2025 3 2,00,000
(Being capital brought in by the
partners)
2025/F/10 4 20,000
04-Jun-
2025 1 20,000
(Being furniture purchased in cash)
5 50,000
05-Jun- 1 50,000
2025
(Being current account opened with
SBI Bank by depositing cash)
4 6 10,000
08-Jun- 5 10,000
2025
(Being rent paid to realtors for the
month)

DRAG DROP VALUES

 To Rahul's Capital A/c

 To SBI Bank A/c

  To Cash A/c

 To Pooja's Capital A/c

 SBI Bank A/c Dr.

 Furniture A/c Dr.

 Cash A/c Dr.

 Rent A/c Dr.

Q)

Topic: Taxation (India)

Which of the following are included in the term "Income"?

(Select the appropriate buttons to give your response)

Items True False

Reimbursement of travelling expenses O O

Profit and gains O O

Dividend O O

Profit in lieu of salary O O

Q)

Topic: Taxation

The time limit for issuance of a tax invoice under GST for goods is within __________ days from the
date of supply.

(Click on the dots under the highlighted text to view the options and select the correct one)

Q)

Topic: Taxation (India)

Which of the following are tax saving investments?

DRAG DROP VALUES TRUE FALSE

 Home Loan Principal Payment O O

 Life Insurance premium O O
 PPF - Public Provident Fund O O
 Fixed Deposits O O
 Equity Investments O O
Q)

Topic: Taxation (India)

Which of the following are heads of income?

(Select the appropriate buttons to give your response)

Items True False

Salaries O O

Income from House Property O O

Income from interest on securities O O

Q)

Topic: Taxation (India)

You have long-term capital gains of Rs. 1,65,000 from sale of listed shares through a recognized
stock exchange, for which security transaction tax has been paid. How much amount of tax will you
be paying for this?

Answer: Rs. ______________

(Type the correct response in the text field provided)

Q)

Topic: Accounting Principles and Standards

Which of the following is an example of a contra account?

(Drag and drop the correct option from the "DRAG DROP VALUES" area to the correct box)

Note: Drop the answer choices into the cells once they are highlighted with blue dashed lines.

_____________________

DRAG DROP VALUES

 Accumulated depreciation

 Goodwill

 Patents

 Investments
Q)

Topic: Accounting Principles and Standards

Which of the following financial statements shows a company's revenues and expenses over a
period of time?

A. Income statement

B. Statement of retained earnings

C. Balance sheet

D. Cash flow statement

Q)

Topic: Accounting Concepts (India)

Identify the following items as capital or revenue expenditure.

(Select the appropriate buttons to give your response)

Items Capital Expenditure Revenue Expenditure

Wages paid to computer operators O O

Installation costs of new systems O O

Q)

Topic: Accounting Principles and Standards

Match the following Accounting Standards with their correct descriptions

(Drag and drop values from the "Answer Choices" area to the corresponding correct cells.)

Note: Drop the answer choices into the cells once they are highlighted with blue dashed lines.

AS 6 ->

AS 16 ->

AS 21 ->

AS 23 ->

Answer Choices

 Borrowing Costs
 Revenue Recognition
 Depreciation Accounting
 Earnings Per Share
 Consolidated Financial Statements
 Accounting for Investments in Associates in Consolidated Financial Statements
Q)

Topic: Accounting Principles and Standards

Match the following Accounting Standards with their correct descriptions

(Drag and drop values from the "Answer Choices" area to the corresponding correct cells.)
Note: Drop the answer choices into the cells once they are highlighted with blue dashed lines.
AS 14 ->

AS 19 ->

AS 22 ->

AS 25 ->

Answer Choices

 Leases
 Impairment of Assets
 Accounting for Government Grants
 Accounting for Taxes on Income
 Accounting for Amalgamations
 Interim Financial Reporting

Q)

Topic: Accounting Concepts (India)

Match the following:

(Drag and drop values from the "Answer Choices" area to the corresponding correct cells)
Note: Drop the answer choices into the cells once they are highlighted with blue dashed lines.
ANSWER CHOICES:

Credit
Expenses

Fixed Asset Plant and Machinery

Long term liabilities Casting

An increase in liability
Personal Account
An increase in asset
Debentures

Debit

Nominal Account
Q)

Topic: Accounting Principles and Standards

Which of the following is an example of a contra account?

A. Accumulated depreciation

B. Goodwill

C. Patents

D. Investments

Q)

Topic: Taxation

Match the following taxes with their correct descriptions.

(Drag and drop values from the "Answer Choices" area to the corresponding correct cells)

Note: Drop the answer choices into the cells once they are highlighted with blue dashed lines.

Income Tax

Excise Tax

Property Tax

ANSWER CHOICES

 Taxes levied on the income earned by an individual or entity

 Taxes based on the value of property or assets owned by an individual or entity

 Taxes levied on the production or sale of a specific good or service

Q)

Topic: Taxation (India)

Ramesh is employed with BharatiATL company, and his job location is Delhi. His annual income
(salary) is Rs.7,70,000/-. The salary components are Rs 6,00,000/- Basic, Rs 1,20,000/- HRA, and Rs
50,000/- Bonus. He lives in a rented apartment and his monthly rent out go is Rs. 10,000/-

As per Income Tax rule, HRA is exempted as least of the following limits:

(i) Actual HRA received

(ii) 50% of the Basic salary in case of metro cities (Delhi, Mumbai, Kolkata and Chennai); 40% in case
of other cities.

(iii) Rent paid in excess of 10% of the Basic salary

Calculate the amount of HRA exemption he will get while computing tax liability.

Answer: Rs.

(Type the correct response in the text field provided)

Q)

Topic: Taxation (India)

Classify the following:

(Drag and drop a tile on the left under the correct category)

Note: Drop the answer choices into the cells once they are highlighted with blue dashed lines.

DRAG DROP VALUES

 Custom Duty

 Corporate Tax

 Income Tax

 GST

Direct Tax___________ Indirect Tax__________

Q)

Topic: Taxation (India)

An individual is said to be resident in India if he/she is in India in the previous year for a period of
_____ days or more.

(Type the correct response in the text field provided)

Q)

Topic: Taxation (India)

As per the amendment to the Payment of Gratuity Act, 1972, for those who are covered under the
Payment of Gratuity Act, the maximum cap for gratuity to be tax exempt is Rs. ____________

Q)

Topic: Accounting Concepts (India)

The amount of debt is called ___________ when it is not recoverable or realized.

(Click on the dots under the highlighted text to view the options and select the correct one)